How to Create CD Interest Calculator in Excel (2 Easy Methods)

CD Interest Calculator helps to calculate the total amount including compounded interest that we will receive when we invest the amount in the Certificate of Deposit. In this article, we will show you 2 easy and simple methods to create a CD Interest Calculator in Excel.

What Is CD Interest?

CD Interest is the total amount which includes the investment along with compound interest. In compound interest, the interest gets added to the capital after each period and makes a new capital. So the compound interest is greater than the simple interest.

2 Easy Methods to Create CD Interest Calculator in Excel

It’s quite easy to create a CD Interest Calculator in Excel. Here we will show you 2 very easy methods to create it.

Method 1: Use Excel FV Function to Create CD Interest Calculator

In this method, we will use the FV Function of Excel to make a CD Interest Calculator. The FV function gives the future value of an input number, it requires arguments consisting of rate, nper (number of periods for compounding), pmt (withdrawable amount), pv (investment). It gives compounded interest as a result. The steps to do that are given below.

  • First, we make a dataset that should include investment amount, rate of interest, term in year, and compounding period per year.

 cd interest calculator excel

  • Then we have to write the following formula in the cell where we want the CD interest. In our case the cell is C9.

Use of FV function to create CD Interest Calculator

  • Now we just need to press Enter. We will see the CD Interest in the cell.

Here, we used the FV Function for calculating the CD Interest,

  • C5/C7 denotes the rate of interest. The rate of interest is in C5 but we divided it with the compounding period per year which is in cell C7.
  • C6*C7 represents the cell for the number of times the interest will be compounded.
  • 0 in the argument means we won’t take out any investment before the maturity period.
  • Lastly -C4 denotes the cell for investment amount, its sign is negative because we will invest it.
  • Hurreh! We have successfully created a CD Interest Calculator.

Read More: Daily Loan Interest Calculator in Excel (Download for Free)

Method 2: Make CD Interest Calculator Manually in Excel

Instead of using the Excel function, we can also calculate the CD Interest by using a manual formula. For calculating the CD Interest we used the formula,

Interest = capital*(1+interest rate)^(number of interest compounding term)

The steps for doing this are given below.

  • We need to create a dataset first. The dataset is similar to the dataset we used in method 1.

making CD Interest Calculator Manually

  • After that, we need to write the formula given below in the cell where we want the CD interest to show up. In our case the cell is C9.

  • Then we just need to press Enter.

Here, C4 cell contains the investment amount. C5/C7 denotes the amended interest rate and C6*C7 represents the number of times the interest would compound.

  • That’s it! We have made a CD Interest Calculator Manually.

Read More: How to Create a Daily Compound Interest Calculator

CD Interest Calculator for User

In the attached Excel file we have included a CD Interest calculator. All you need to do is input the data and you can find the CD Interest within moments.

CD Interest Calculator for User

Download Practice Workbook

You can download the practice workbook from here.


CD Interest Calculator is a very useful tool to calculate the Compound interest for invested amounts by Certified Deposit. In this article, we have shown 2 simple methods to create a CD Interest Calculator in Excel. If you face any problem following the steps, please let us know by commenting.

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Mehedi Hasan Shimul
Mehedi Hasan Shimul

Md. Mehedi Hasan, with a BSc in Electrical & Electronic Engineering from Bangladesh University of Engineering and Technology, holds a crucial position as an Excel & VBA Content Developer at ExcelDemy. Driven by a deep passion for research and innovation, he actively immerses himself in Excel. In his role, Mehedi not only skillfully addresses complex challenges but also exhibits enthusiasm and expertise in gracefully navigating tough situations, emphasizing his steadfast commitment to consistently deliver exceptional and quality content.... Read Full Bio

  1. Great info and easy to understand. Make an option for selecting varying compounding periods; such as annually, monthly, quarterly, bi-annually.

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